On Tuesday, Tron's TRX experienced a 6% surge, driven by the launch of a USD1 stablecoin from World Liberty Financial Inc. This event has significantly impacted the market, drawing attention to TRX's potential.
According to trading data, TRX broke above $0.2875 on the daily chart, facing resistance at $0.2980. A successful breakout could push the token towards $0.3230, the 50% Fibonacci retracement level.
Currently, TRX is trading around $0.2920, positioned between support at $0.2808 and the 23.6% Fib mark of $0.2645. The new stablecoin issuer has connections to Donald Trump, and Justin Sun, Tron's founder, hailed the launch as a major step for stablecoins.
Sun's participation in a White House dinner for Trump Token holders has further increased interest in Tron's ecosystem. The total value locked on Tron has surpassed $5 billion, with 4.50 million returning user addresses recorded on June 6.
TRX derivatives open interest increased by 8.25% over the last 24 hours, reaching $329 million, according to CoinGlass data. The weighted funding rate rose to 0.0098%, indicating more bullish long positions than short positions.
Technical analysis supports this positive trend, with the RSI on the daily chart approaching the overbought region, showing increased buying pressure. A recent MACD crossover has pushed histogram bars into positive territory, signaling buyer momentum.
Traders are also monitoring Bitcoin's movements, as a downturn could negatively affect altcoins. The combination of a stablecoin launch, rising TVL, increasing open interest, and positive technical signals gives Tron enthusiasts reason to anticipate a potential breakout.